Question

Please Help.

Answer 1

Keisha's parents want to save twenty thousand dollars in her college savings account over the next twenty years. They have eight thousand dollars to use as an initial deposit. What simple annual interest rate do they need to meet their goal? Round your answer to the nearest tenth.

two percent
three point three percent
seven point five percent
nine percent

Answer 2

@MARC_D

Answer 3

Use this formula

Answer 4

\[20000=8000(1+\frac{ 20R }{ 100 })\]

Answer 5

Interest rate at 7.5 will yield the 20K

Answer 6

Solve the value of R

Answer 7

\[\frac{ 20000 }{ 8000 }=(1+\frac{ 20R }{ 100 })\]

Answer 8

\[2.5=(1+\frac{ 20R }{ 100 })\]\[2.5-1=\frac{ 20R }{ 100 }\]

Answer 9

\[1.5=\frac{ 1\cancel{20}R }{ 5\cancel{100} }\]

Answer 10

1.5=\[\frac{ r }{ 5 }\]

Answer 11

\[1.5\times5=R\]

Answer 12

\[R=?\]

Answer 13

R=7.5. Thank you

Answer 14

yes,that's correct!

Answer 15

yw!